MARKET UPDATE - July 2023

Affordability constraints have continued to limit homebuying activity this summer, with existing-home sales falling 3.3% month-over-month nationwide as of last measure, according to the National Association of REALTORS® (NAR). Mortgage rates have approached 7% in recent months, leading many prospective buyers to put their home purchase plans temporarily on hold. But higher rates have also kept many existing homeowners from listing their homes for fear of giving up the low-rate mortgages they locked in a few years ago, when rates were significantly lower.

New Listings were down 8.7 percent to 543. Pending Sales increased 20.4 percent to 496. Inventory grew 0.7 percent to 1,045 units.

Prices moved higher as Median Sales Price was up 7.0 percent to $509,450. Days on Market increased 54.5 percent to 156 days. Months Supply of Inventory was up 21.1 percent to 2.3 months.

Despite a drop in existing-home sales, home prices have remained near record highs, with a national median sales price of $410,200 as of last measure, 0.9% below the all-time high of $413,800 recorded in June 2022, according to NAR. With only 3.1 months’ supply heading into July, the lack of inventory has boosted competition among buyers and put upward pressure on sales prices, especially in more affordable markets, where competition for homes remains particularly strong.

Hilton Head & Bluffton Real Estate Market Update - July 2023

Below is the current state of the real estate market for the Hilton Head Association of REALTORS® service area, comparing year-to-date (YTD) figures from this year to the same period last year. Despite some challenges, there have been several encouraging trends that indicate resilience and opportunities in the market.

New Listings: Though new listings experienced a slight decline of 14.2%, falling from 4,593 to 3,939, it is important to note that the market has remained active, and there are still properties available for buyers to explore.

Pending Sales: While the number of pending sales decreased by 9.1% from 3,793 to 3,447, it demonstrates a healthy level of buyer interest in the region. This indicates that prospective buyers are actively considering their options, and the market continues to attract potential homeowners.

Closed Sales: Despite a decrease of 12.0% in closed sales from 3,612 to 3,180, the market has seen a substantial number of successful transactions. This suggests buyers and sellers find common ground and REALTORS effectively close deals.

Days on the Market: The average number of days on the market increased by 50.5%, rising from 99 to 149 days. While this may indicate a slight slowing of the market, it also gives buyers more time to make informed decisions, leading to a smoother and more satisfactory home buying process.

Median Sales Price: The median sales price saw an impressive increase of 7.1%, reaching $509,620. This rise reflects the enduring appeal of properties in the area and the continued interest in investing in the Lowcountry.

Inventory of Homes for Sale:  Inventory of homes for sale increased slightly by 0.7% when comparing this July to last July.

In conclusion, the Hilton Head Island and Bluffton real estate market has demonstrated resilience and strength through the Mid-Year of 2023. As the region continues to attract interest and maintain its appeal, real estate professionals remain optimistic and adapt their strategies to leverage the opportunities present in this dynamic market. With favorable conditions for buyers and sellers alike, the Lowcountry real estate market shows promise for the coming months.

Hilton Head Island Homes- Real Estate Market Snapshot - July 2023

Year to date in 2023, new listings of homes for sale on Hilton Head were down -21.0 percent overall. Closed home sales on Hilton Head were down -24.3 percent, and the median sales price increased +12.8% percent. Days on the market increased +8.6 percent from 72 days on the market to 79 days on the market. Compared to last July, inventory of homes for sale fell -21.4 percent to 147 homes for sale in July 2023.

Hilton Head Island Condos/Villas - Real Estate Market Snapshot - July 2023

Year to date in 2023, new listings of condos/villas for sale on Hilton Head were down -19.6 percent overall. Closed condo/villas sales on Hilton Head were down -22.2 percent, and the median sales price increased by +15.2 percent. Days on the market increased +119.8 percent from 57 days on the market to 126 days on the market. Compared to last July, inventory of condos for sale stayed flat at 238 villas for sale in July 2023.

Mainland Homes (29910 and 29909) - Real Estate Market Snapshot - July 2023

Year to date in 2023, new listings of homes for sale on the Mainland were down -19.2 percent overall. Closed home sales on the Mainland were down -19.4 percent, and the median sales price increased by +15 percent. Days on the market increased +42.9 percent from 84 days on the market to 120 days on the market. Compared to last July inventory of homes for sale rose +7.5 percent to 360 homes for sale in July 2023.

Beaufort Real Estate Market Update - July 2023

Amidst the ever-changing landscape, the Beaufort-Jasper County real estate market stands strong and vibrant. Here is an overview of the year-to-date figures, comparing this year's performance to the same period last year, and we're delighted to share that the market is displaying remarkable resiliency.

New Listings: Despite a decrease of 8.2% in new listings, which have transitioned from 2,061 to 1,891, the market has maintained a balanced outlook, showcasing a thoughtful approach from both sellers and buyers.

Pending Sales: While pending sales dipped by 2.2% from 1,831 to 1,790, this marginal change indicates a stable demand, suggesting that interested buyers remain active and engaged in the market.

Closed Sales: The market demonstrated its tenacity with a 7.1% decrease in closed sales, moving from 1,784 to 1,658. This figure showcases a commitment from both buyers and sellers to navigate the market and reach successful transactions.

Days on Market: While days on the market increased by 29.7% from 74 to 96, this can be seen as a positive indicator of the market's inclination towards creating quality matches between buyers and properties. The increase in days can be attributed to a thorough evaluation process, ensuring that every sale is a true fit.

Median Sales Price: The median sales price takes center stage with an impressive 8.2% increase, reaching an average of $395,000. This growth not only reflects the market's appreciation but also signifies the desirability of properties in the area.

Supply of Inventory: A standout feature of this year's market is the 10.2% increase in inventory of homes for sale, compared to the same period last year. This surge in available options gives buyers a wider range of choices, making it an opportune time to explore the market.

In conclusion, the Beaufort-Jasper County real estate market continues to exhibit strength and vitality. The numbers speak to a market that is adapting, thriving, and presenting a variety of opportunities for buyers and sellers alike. The careful balance between supply and demand, coupled with the growth in median sales prices, showcases a promising trajectory. 

Savannah Area Real Estate Market Update - June 2023

The Savannah Area real estate market has showcased remarkable strength and adaptability throughout the year 2023, despite facing some challenges. A comparison of year-to-date (YTD) figures with the same period last year reveals the market's steady growth and overall positive trends.

New Listings: One of the key highlights of the market's performance is the reduction in new listings, down 15.6% from 6,362 to 5,370. While this might indicate a potential decrease in supply, it has also contributed to a surge in demand, creating a more competitive environment for homebuyers.

Pending Sales: Although pending sales experienced a 9.1% decline from 5,379 to 4,889, this should not overshadow the fact that the market has remained resilient. Despite the drop, a considerable volume of properties are still under contract, demonstrating continued interest from buyers.

Closed Sales: Similarly, closed sales dipped by 13.6% from 5,312 to 4,592. However, this decrease can be viewed in the context of the reduced new listings and pending sales figures, indicating a well-balanced market.

Days on the Market: An essential factor to consider is the increase in the number of days on the market, rising by 43.6% from 39 to 56. While this might raise some concerns, it's worth noting that the market's overall performance has remained solid, and properties are still moving at a relatively reasonable pace.

Median Sales Price: The most impressive aspect of the Savannah Area real estate market is the growth in the median sales price, which surged by 8.7% to reach an impressive $326,305. This notable increase in property values signifies a strong demand for homes and reflects the market's ability to sustainably appreciate.

Supply of Inventory: Moreover, the reduction in inventory of homes for sale by 6.3% compared to last June has contributed to the healthy median sales price increase. With fewer properties available, buyers are motivated to compete, further driving up property values.

In conclusion, despite some declines in new listings, pending and closed sales, and an increase in days on the market, the Savannah Area real estate market has shown commendable resilience and adaptability in 2023. The substantial 8.7% rise in median sales price and the reduced inventory of homes for sale indicate a healthy and prosperous market. Whether you are a buyer or a seller, these trends signify that the Savannah Area real estate market continues to offer opportunities and remains an attractive and stable investment option in the region.

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